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Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Third Amendment) Regulations, 2016

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..... India hereby makes the following amendments in the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000 ( Notification No. FEMA 20/2000-RB dated 3rd May 2000 ) namely:- 1. Short Title Commencement:- (i) These Regulations may be called the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) (Third Amendment) Regulations, 2016. (ii) They shall come into force from the date of publication in the Official Gazette. 2. Amendment to Regulation 2 A. After the existing sub-regulation (ii), a new sub-regulation shall be inserted namely:- (iiA) Category I Alternative Investment Fund (Cat-I AIF) means an Alternative I .....

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..... mmercialize (a) a new product or service or process; or (b) a significantly improved existing product or service or process that will create or add value for customers or workflow. Provided that it will not include the mere act of developing (a) products or services or processes which do not have potential for commercialization; or (b) undifferentiated products or services or processes or (c) products or services or processes with no or limited incremental value for customers or workflow. 3. Amendment to Regulation 5 In Regulation 5 , the existing sub-regulation (5) shall be substituted by the following namely:- (5) A Foreign Venture Capital Investor registered with SEBI may make investment in the manner and subject to the .....

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..... exchange. (3) The consideration for all investment by an FVCI shall be paid out of inward remittance from abroad through normal banking channels or out of sale / maturity proceeds or income generated from investment already made as stated earlier. 2. Maintenance of account by the registered FVCI A registered FVCI may open a foreign currency account and/or a rupee account with a designated branch of an Authorised Dealer subject to the condition that the account will be used only and exclusively for transactions under this Schedule. 3. Transfer of investments The FVCI may acquire, by purchase or otherwise, from, or transfer, by sale or otherwise, to, any person resident or nonresident, any security / instrument it is allowe .....

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